Because all of this had to happen. All of it. And to happen in one week, rather than having to endure Punxsutawney Phil’s six more weeks of crypto winter? This perfect storm has to be the best thing to happen to the crypto community so far in 2018. Whether it was a concerted effort at FUD by an unholy alliance of governments and private companies, or a simple series of coincidences, it’s time to count ourselves lucky.

China Finally Banned Cryptocurrency!*

We do not know this. We don’t know a thing about China’s intentions, actually. What we do know, is that (as is often the case) Coin Telegraph reported something as fact when their sources were abysmally weak. The outlet, which adores these crypto clickbait tactics, quoted the South China Morning Post as the source for this headline – which in turn quoted a tertiary source (to which it did not link) called the ‘Financial News’, and which that source claimed was affiliated with the People’s Bank of China.

In other words, this is possibly true – or possibly complete and utter bullshit. Another South Korea, another India, another – well, China. There are so many opportunities for misinterpretation, mistranslation, and just plain misinformation here that we can’t imagine why they would publish it.

Coin Telegraph consistently uses unreliable sources and its lazy, inept journalism has only increased market volatility for months, at the expense of the very people it claims to serve. When a serious news outlet reports an actual Chinese government official using these words, then we’ll take notice. In the meantime, Coin Telegraph needs to be called out for the FUD-meister it is.

The Dow Jones Is Crashing!

Don’t panic. This was a necessary and healthy realignment of investor expectations following a 25% year-on-year gain; and the first serious drop in over two years, during a full-on bull market.

It was both predictable and predicted, and serves as nothing more than a reminder that the spectre of inflation is the Ghost of Old Man Perkins to the Dow Jones’ Scooby Doo.

And incidentally, the wealth wiped out by this mild correction is around three times the market cap of the top 100 cryptocurrencies combined.

“To be clear, I am very optimistic that developments in financial technology will help facilitate capital formation, providing promising investment opportunities for institutional and Main Street investors alike.”

While Clayton sounded a cautionary note on ICOs and their status as possible securities, he was much warmer to the theme of blockchain adoption than many had expected. His testimony seemed both prudent and reasonable, given the fact that regulation of the cryptocurrency ecosystem in the USA was seen by most informed participants as inevitable. In fact, it could be inferred from his comments that Clayton was very much aware of how blockchain will both facilitate and create financial markets, and that he doesn’t want to see the U.S. left behind in this emerging field:

“Said simply, we should embrace the pursuit of technological advancement, as well as new and innovative techniques for capital raising, but not at the expense of the principles undermining our well-founded and proven approach to protecting investors and markets.”

For anyone worried about the U.S. response to crypto, these words should be soothing rather than alarming – although, of course, the politicians have yet to sink their fangs into the subject.

Banks Won’t Let Us Use Credit Cards For Crypto!

And nor should they. What you do with YOUR money, is YOUR business. What you do with THEIR money, is partly theirs.

You, the discerning consumer, want a credit card because you wish to procure stuff without having to go through the onerous process of deferring gratification (saving up for it). In return, the banks will set usurious terms by which you must abide, for the privilege of paying more for that stuff than it’s worth.

But in so doing, the banks determine who is most likely to abide by those terms – and what you can buy with your new-found financial servitude. Drugs? No. Crypto? No. The bank doesn’t think it can recover the money you spent on drugs or the money you wasted on The DAO. And in both cases, it’s right.

Truth is, it’s just plain bad practice to give someone the means to go gamble with your money unless you have the actual Mafia, and not just Jamie Dimon’s biting comments, to back you up.

Facebook Banned Crypto Ads!

So what? The company has a history of running to the government with a sad puppy-face (looking at you, Zuckerberg) every time it screws up. Oh, we took a ton of money from Russian trolls to influence the 2016 Presidential election? We’re sooooorrrry! We had no idea!

(This is the company that can make friend suggestions based on the facial recognition technology it has, coupled with the dust patterns on your camera. But they had no idea that Russians were buying ad space for fake news stories. How they get away with this beggars belief.)

So yes, Facebook banned crypto ads – and who cares anyway? They banned marijuana ads too, and people are still smoking a lot of weed.

Although Facebook itself wasn’t mentioned, Clayton even sent a slightly-simpering love note to Marky-Mark: “I do want to recognize that recently social media platforms have restricted the ability of users to promote ICOs and cryptocurrencies on their platforms. I appreciate the responsible step.”

Everything Is Awesome In Crypto Today!

Even if China makes the big decision outlined above… and even if the Dow loses more tomorrow… and even if… etc. Yes, some late entrants and weak hands will be left holding an empty bag. But informed participants will ride this out, and will eventually be grateful that Black January and Slightly Blacker February ironed out some of the more irrational exuberance in the market.

So yes, everything is awesome.

We will still have our tokens. We still have our Bitcoin. We still have our market. And maybe it’s just a touch more mature, a touch less volatile, and has a nice, long, ride back up to the top again.

Adam Selene is a cryptocurrency and blockchain advocate whose experience includes creative oversight roles at high-profile marketing firms. He is particularly interested in the effect of decentralized technologies on societal evolution.

We are 100% independent and we never accept any form of payment from ICO marketing teams.

Many of our competitors do. And you can see it in their results (and yours).

If you appreciate us sharing our research and news, please consider donating here.

DISCLAIMER

The information on or accessed through this website is obtained from independent sources we believe to be accurate and reliable, but Decentral Media LLC makes no representation or warranty as to the timeliness, completeness, or accuracy of any information on or accessed through this website. Decentral Media LLC is not an investment advisor. We do not give investment advice or other financial advice. The information on this website is subject to change without notice. Some or all of the information on this website may become outdated, or it may be or become incomplete or inaccurate. We may, but are not obligated to, update any outdated, incomplete, or inaccurate information.

You should never make an investment decision on an ICO or other investment based on the information on this website, and you should never interpret or otherwise rely on any of the information on this website as investment advice. We strongly recommend that you consult a licensed investment advisor or other qualified financial professional if you are seeking investment advice on an ICO or other investment. We do not accept compensation in any form for analyzing or reporting on any ICO, cryptocurrency, currency, tokenized sales, securities, or commodities unless otherwise indicated.

Decentral Media LLC, the publisher of Crypto Briefing, is not an investment advisor and does not offer or provide investment advice or other financial advice. Nothing on this website constitutes, or should be relied on as, investment advice or financial advice of any kind. Specifically, none of the information on this website constitutes, or should be relied on as, a suggestion, offer, or other solicitation to engage in, or refrain from engaging in, any purchase, sale, or any other any investment-related activity with respect to any ICO or other transaction.
You should never make an investment decision on an ICO or other investment based solely on the information on our website, and you should never interpret or otherwise rely on any of the information on this website as investment advice. We strongly recommend that you consult a licensed investment advisor or other qualified financial professional if you are seeking investment advice on an ICO or other investment. We do not accept compensation in any form for analyzing or reporting on any ICO, cryptocurrency, currency, tokenized sales, securities, or commodities.
In exchange for using this site, you agree to hold Decentral Media LLC (including its managers, members, officers, employees, consultants, partners, and affiliates) harmless against any claims for damages arising from any decision you make based on information on this website.
See full terms and conditions for more.